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Corrective Pullback

USDJPY TECHS
  • RES 4: 147.25 3.00 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 2: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 144.99/145.28 High Sep 7 2.618 proj of Aug 2 - 8 - 11 swing
  • PRICE: 142.49 @ 16:10 BST Sep 9
  • SUP 1: 141.51 Low Sep 9
  • SUP 2: 140.25./139.87 Low Sep 6 / Low Sep 2
  • SUP 3: 139.10 20-day EMA
  • SUP 4: 136.67 50-day EMA

USDJPY is facing some resistance and has pulled back from recent highs. The uptrend remains intact though and short-term weakness is likely a correction that is allowing an overbought condition to unwind. This week’s climb reinforces the primary uptrend and attention is on 145.00 where a break would also strengthen current conditions. This would open 145.28 and 146.03, Fibonacci projections. Firm trend support is 139.10, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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